What Is Business Loan and Consumer Loan?

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Now we are going to talk About what is business loans and consumer Loan and we are going to explain Everything in details

BUSINESS LOAN

So when we say business loan money lends specifically for a business purpose it may be used to start a business or to have a business expansion.

CONSUMER LOAN

When you say consumer loan money lend to an individual per personal or family purpose

WHAT IS THE DIFFERENCE BETWEEN BUSINESS LOAN AND CONSUMER LOANS?

So when you say consumer loans are loans given to individuals for personal or family purposes while business loans are loans for business consumer loans do not usually require a guarantor while business loans require the business owners to sign a guarantor.

And consumer loans and business loans may require collateral and when you say collateral it is an asset used to secure the loan it may be real estate or other investments.

And lastly, the term of the loan is the time to pay the entire loan the term of the business loan is generally shorter than the consumer loan and the interest rate of a business loan is usually higher than the consumer loan and these are the basic concepts that you need to remember in order for us to understand what is a business loan and consumer loan. and also if you want to know >> What to Do if Insurance Denied Roof claims? << check this link!

SO LET'S START AND LET'S HAVE AN EXAMPLE

So let's start and let's have an example on the given set of examples we are going to identify whether the following is a consumer loan or business loan.

1. Mr. Agustin plans to have a barbershop he wants to borrow some money from the bank in order for him to buy the equipment and furniture for the barbershop
   So as you can see in the given scenario the money is being used to buy equipment and furniture for the barbershop so it is intended for business so therefore this is a BUSINESS LOAN.
   
   
2. For example, number two Mr and MRS Craig want to borrow money from the bank to finance the college education of their son.
   So this one is for personal or family purposes therefore this is a CONSUMER LOAN.
   
   
3. In example number three Mr. Alonso wants to have some improvements on their 10 years old house he wants to build a new room for their 13-year-old daughter he will borrow some money from the bank to finance his plan.
   So what is our answer on number three is it a business or consumer loan yes it is a consumer loan because the money is being used for personal purposes so our answer here is CONSUMER LOAN.
   
   
4. In example number four Mr. Samson owns a show my food guard business he wants to put another food cart on a new mall in the other city he decided to have a loan to establish the new business.
   So by mere inspection, this is a business loan because the money is being used for business expansion so our answer here is BUSINESS LOAN.
   
   
5. For example, number five Rohan has a computer shop he owned six computers he decided to borrow some money from the bank to buy 10 more computers.
   So what is our answer number five is it for business or consumer loan yes it is for the business loan, therefore, our answer here is BUSINESS LOAN.
   
   
6. For example, number six Mr. Lim wants to have another branch for his cell phone repair shop he decided to apply for a loan that he can use to pay the entire rental of the new branch.
   So this one is for business purposes because the money is being used to pay the entire rental of the new branch so therefore our answer here is BUSINESS LOAN.
   
   
7. In example number seven Mr trials run a tracking business he wants to buy three more trucks for expansion of his business he applied for a loan in a bank.
   Number seven is also a business loan because Mr trials want to buy three more trucks for the expansion of his business so this is a BUSINESS LOAN.
   
   
8. For example number eight Mrs. Alonso decided to take her family for a vacation to cover the expenses she decided to apply for a loan.
   So this is a personal or family purpose so this is a CONSUMER LOAN.
   
   
9. For example, number nine Glenn decided to purchase a condominium unit near his workplace he got a loan worth two million pesos.
   Since Glenn purchased a condominium for his personal purposes so this is a CONSUMER LOAN.
   
   
10. In our last example Mr. Galang renovated her house for 80 000 pesos this was made possible because of an approved loan worth 75 000 pesos.
    This one is a consumer loan because the money is being used for personal or family purposes so our answer here is CONSUMER LOAN.

So I hope you learned from this article thank you so much for reading and God bless us all.

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